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Make your money produce more money

by Chinkee Tan

“Money makes the world go round.”

This perhaps is one of the most famous expressions about money.

Money pays the rent, the bills, food, the kids’ tuition, and it also allows us to bless other people.

So this expression does not necessarily suggest a negative thought, does it? So if our money makes our world go round, wouldn’t we want more money in our bank account? I do.

Here are four ways you can learn to make your money produce more money:

LEARN TO START YOUR OWN BUSINESS
I grew up in a Filipino-Chinese family that encouraged us to go into business. My parents often spoke about business as the best way to grow money and my father’s advice motivated me to experience business as early as primary school when I would sell toilets papers and all sorts of toy items to augment my personal allowance.

The beauty about doing business is that you do not only get the opportunity to double or even triple your money, you also get to fuel your passion and help other people along the way too.

In doing business, you need to assess your interest, your niche, and passion: What’s something that you’re really good at? What’s that something that you can offer the world that has your identity written all over it?

I’ve seen a lot of start-up businesses that went down the drain after a few months simply because it wasn’t the kind of business the owners were passionate about. Passion in business is a very important consideration. When you find it, start an action plan for your business.

LEARN ABOUT INVESTING YOUR MONEY
Investment is a big word. I used to associate it with people who actually have money. But that was where I was wrong.

You see investments are not only for people who have overflowing bank accounts, they’re also for people who want to see their money grow.

So the question is: Do you want to see your money grow?

I’m pretty sure you’ve been approached by a friend or a colleague who shared about their investment ideas, one way or another. There’s investment in property, insurance, stocks and so many more.

Investing your money makes room for it to grow. Remember the Parable of the Talents in the Bible where one of the servants buried his money because he was so afraid to lose it? That was one sure way of stagnating your finances and that’s something you do not want.

The aim is to be a good steward of your money and that includes growing it. So start checking out your options now and learn about it. What type of investment works for you?

LEARN ABOUT YOUR SKILLS AND MAKE MONEY OUT OF THEM
One misconception about growing money through business is the need for a monetary capital to jumpstart it. While it’s true to most businesses, some small start-up businesses require skills as the bigger ratio of the capital.

Do you cook excellently? Are you able to offer services in exchange for money? Are you passionate about tutoring kids?

You see, learning the skills you’re good at might just jumpstart your way into business. The good thing about capitalizing on your skills is that you become indispensable. This is a very good way of making more money!

Start listing down your skills and expertise and try considering them to make more money.

LEARN FROM PEOPLE WHO MADE IT BIG IN MAKING THEIR MONEY GROW
We all have role models that we look up to for inspiration and motivation. Some inspire us in the way we manage our marriages or finances and some in the way we dress up.

That is what I did. I tried to study and learn from the people I looked up to. From books, cassette tapes (before), live seminars, and personal coaching or mentoring.

In our world today where influence can be found at the tip of our fingers or simply on the screens of our gadgets, we now have easy access to find motivation especially in the aspect of our finances.

What path are you considering to take for business? People who have made it successful in their niches can inspire you to start yours.

Learn from their humble beginnings and even their misses and see what lessons you can take with you in your own journey to becoming rich.

THINK. REFLECT. APPLY.
What type of business do you want to go into? Do you have the tools and skills to start this business? How will this business contribute to your financial stability?

“You will certainly prosper whenever your money consistently produces more wealth for you.”

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